DOVER — A packed courtroom full of local residents who had invested with Nickolas Skaltsis quietly listened as Judge Brian Tucker ordered to significantly reduce Skaltsis' bail on Thursday.

Investors, including Donald Andolina, Phyllis Woods and Gary Green were present in the courtroom at Strafford County Superior Court, appearing almost in awe, or in a state of confusion, as Skaltsis' bail was reduced from $300,000 cash only to $150,000 cash or surety.

The investors, who believed the tens of thousands they invested with Skaltsis sometime between 2010 and 2012 would be used to acquire, rehabilitate and manage real estate in Strafford County, want to know where their money is and if they will ever see it again.

Woods said her family is dealing with a fire they recently had at their home, an ill relative and a relative who lost their job.

“We could use that money,” Woods said. “Something's got to be done.”

Skaltsis, who was once a prominent figure in Dover and a community leader, made his first in-person court appearence during Thursday's bail hearing. He requested the hearing just before being released from the New Hampshire State Hospital.

Up until this past Monday, Skaltsis was at the hospital. He attempted suicide in October of last year, just after the state began investigating him, according to James Boffetti, senior assistant attorney general for Consumer Protection.

Boffetti said they have in their possession suicide letters Skaltsis wrote, including one that reads, “No defendant. No trial.”

Boffetti said this proves that Skaltsis had a premeditated suicide attempt to avoid financial problems.

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Skaltsis is escorted into Strafford County Superior Court Thursday for his bail hearing. (John Huff/Staff photographer)

When Skaltsis was discharged from the hospital, he was turned over to Strafford County House of Corrections, where his bail went from $300,000 personal recognizance to $300,000 cash only.

Boffetti said he agreed to the bail hearing because Skaltsis now has legal counsel.

Boffetti spoke first during the hearing, requesting bail be set at $150,000 cash only, and that Skaltsis be regularly supervised, unable to leave Dover, report if there are any changes in his living arrangement, surrender his passport, comply with the permanent injunction set by the state and that he be prohibited from any real estate and business transactions, be unable to solicit investments and have no contact with any investment victims.

Boffetti said the state has “very significant concerns” that Skaltsis is a flight risk and would leave town if he could. He said the state also knows his home is foreclosed. They wonder where he would live, get a job and find a way to support himself if he posts bail.

Boffetti claims Skaltsis shows “no indication of employment or means of support,” and that he hasn't since before 2010, because since that year he has not been working, but using illegal investments to support himself.

Boffetti also added that the state is concerned Skaltsis will attempt to continue enticing people to invest with him in Maine and Massachusetts.

The state is working to find where Skaltsis' assets are and Boffetti said Skaltsis owes money to more than just the investors. He also has 20 active credit cards, one that has more than $18,000 in charges, and he has a judgment against him by Premier Capital, sitting at about $800,000.

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Skaltsis leans over as Carl Swenson, his public defender, puts on his glasses during a bail hearing Thursday in Strafford County Superior Court. (John Huff/Staff photographer)

Boffetti said the state is also concerned Skaltsis will pose a threat to himself and to the community if he posts bail. He said the reason why Skaltsis was admitted to the hospital was because of assaulting and threatening behavior.

Skaltsis' public defender, Carl Swenson, however, disagreed with Boffetti. Swenson said Skaltsis has interviewed with both Community Partners and the jail and both agencies believe Skaltsis is stable right now.

Swenson asked for Skaltsis' bail to be $5,000 cash or surety and that he be supervised by the jail at his home at 6 Erik Drive, where he would live with his wife. He said Skaltsis has very few assets, but his mother would support him. He said Skaltsis is not opposed to wearing an ankle bracelet to be monitored.

Swenson told the court it is devastating and embarrassing for Skaltsis to be unable to pay back his friends.

After a brief recess, the judge decided upon $150,000 cash or surety bail, adding Skaltsis must be present at all of his court hearings, be supervised by the Strafford County House of Corrections with daily check-ins, not use drugs or alcohol and submit to drug tests, possess no firearms, surrender his passport, avoid contact with investors, and be restricted to his home at 6 Erik Drive at all times, except for medical visits, church or court appearances.

If he does not abide by these restrictions, he will be arrested.

Boffetti said Skaltsis has “severed” the relationships he once had with members of the community, which was clear when the hearing closed and Skaltsis walked out of the courtroom in shackles to return to jail, not glancing at or acknowledging the many investors sitting in the room.